Figure A

CEOs paid 281 times as much as typical workers: CEO-to-worker compensation ratio, 1965–2024

 

year Realized CEO compensation Granted CEO compensation
1965 20.62 15.30
1966 21.85 16.21
1967 23.08 17.12
1968 24.31 18.03
1969 24.04 17.83
1970 23.76 17.63
1971 23.49 17.43
1972 23.22 17.23
1973 22.95 17.02
1974 24.51 18.18
1975 26.07 19.34
1976 27.63 20.49
1977 29.18 21.65
1978 30.74 22.80
1979 33.41 24.78
1980 36.08 26.76
1981 38.75 28.75
1982 41.42 30.73
1983 44.09 32.71
1984 46.76 34.69
1985 49.43 36.67
1986 52.10 38.65
1987 54.77 40.63
1988 57.44 42.61
1989 60.11 44.59
1990 75.64 56.11
1991 91.16 67.62
1992 106.69 79.14
1993 108.24 99.20
1994 87.58 117.85
1995 117.07 130.09
1996 150.00 176.33
1997 223.10 234.83
1998 304.24 301.50
1999 275.26 288.46
2000 379.63 393.08
2001 214.27 325.71
2002 186.16 234.92
2003 228.47 226.40
2004 261.83 231.92
2005 319.52 244.33
2006 322.41 237.31
2007 328.49 242.43 
2008 200.03 218.26
2009 166.39 181.24
2010 209.95 204.10
2011 238.91 212.40
2012 363.43 205.70
2013 318.54 211.34
2014 320.26 221.00
2015 320.30 215.88
2016 269.28 219.43
2017 294.38 233.51
2018 284.37 228.79
2019 311.48 229.36
2020 356.22 212.73
2021 408.47 272.98
2022 361.29 226.00
2023 276.47 196.98
2024 280.72 212.57
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Economic Policy Institute

Notes: Average annual compensation for CEOs at the top 350 U.S. firms ranked by sales is measured in two ways. Both include salary, bonus, and long-term incentive payouts, but the “granted” measure includes the value of stock options and stock awards when they were granted, whereas the “realized” measure captures the value of stock-related components that accrues after options or stock awards are granted by including “stock options exercised” and “vested stock awards.” Projected value for 2024 is based on the percent change in CEO pay in the samples available in June 2023 and in August 2024 applied to the full-year 2023 value. “Typical worker” compensation is the average annual compensation (wages and benefits of a full-time, full-year worker) of production/nonsupervisory workers in the industries that the top 350 firms operate in.

Source: Authors’ analysis of data from Compustat’s ExecuComp database, the Bureau of Labor Statistics’ Current Employment Statistics data series, and the Bureau of Economic Analysis NIPA tables.

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